Lincoln National (LNC) FY2014 results: revenue $13.6 billion, up 13.2% on the year
Lincoln National Corp. (LNC) reported revenue of $13.6 billion for fiscal 2014, the year ended 31 December 2014, up 13.2% on the year before. Net income was $1.5 billion, up 21.8%, and diluted earnings per share $5.67. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2015.
Revenue
$13.6 billion
+13.2% on the year
FY2007FY2014
Operating margin
14.7%
13.6% a year earlier
FY2007FY2014
Net income
$1.5 billion
+21.8% on the year
FY2007FY2014
Diluted EPS
$5.67
+25.4% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
13,554
11,969
11,532
+13.2%
Operating income
1,997
1,631
1,568
+22.4%
Operating margin
14.7%
13.6%
13.6%
Interest expense
267
265
273
+0.8%
Pre-tax income
1,997
1,631
1,568
+22.4%
Income tax
483
387
282
+24.8%
Effective tax rate
24.2%
23.7%
18.0%
Net income
1,515
1,244
1,313
+21.8%
Net margin
11.2%
10.4%
11.4%
Diluted EPS
$5.67
$4.52
$4.56
+25.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
2,526
799
1,269
+216.1%
Cash from investing
-1,805
-4,710
-3,857
Cash from financing
834
2,045
2,308
-59.2%
Share-based compensation
38.0
40.0
31.0
-5.0%
Buybacks
650
450
492
+44.4%
Dividends paid
170
128
91.0
+32.8%
Dividend per share
$0.68
$0.52
$0.36
+30.8%
Diluted shares, weighted
268m
275m
288m
-2.6%
Shares outstanding at period end
257m
263m
271m
-2.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
15,740
13,452
14,973
+17.0%
Debt
5,273
5,773
5,373
-8.7%
Other liabilities
232,364
217,720
198,523
+6.7%
Total liabilities and equity
253,377
236,945
218,869
+6.9%
Goodwill
2,273
2,273
3,863
0.0%
Securities held for sale or to maturity
86,240
80,078
82,036
+7.7%
Securities borrowed
n/a
1,244
n/a
Trading assets
2,065
2,282
2,554
-9.5%
Cash and equivalents
3,919
2,364
4,230
+65.8%
Other assets
158,880
148,704
126,186
+6.8%
Total assets
253,377
236,945
218,869
+6.9%
10-K for the year ended 31 December 2014, filed 26 February 2015: the filing.